- which appears to clearly show the negative non-borrowed reserves are a result of how the Fed classified the TAF as borrowed reserves.

"As it happens, in the last week of January TAF credit reached $50 billion. The amount of bank reserves the same week was only $48 billion. So, by definition, nonborrowed reserves, the difference, fell to negative $2 billion."

If anyone wanted to explain what's going on here in more depth, it'd be much appreciated!

Very interesting picture! More and more I believe, we have to go much deeper to find the basic problem. I think it's the whole concept of central banking. All the banks are closely bounded to some central unit, which completely creates all of the rules, especially administratively sets the interest rate. Imagine - we are trying to have "free market", but the far most important price - interest rate- is set by central bank. That's completely contra productive...
Take care
Julie

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